- "Understanding the Uses and Careers in Accounting: Review

Review Questions: 1.1For what purposes is accounting information used: -by the individual -by the entity or organisation? 1.3What are some of the careers for accountants? 1.5 When would customers require financial information about a provider of a product or service? 1.8What is the difference between management and financial accounting? Problems for Discussion and Analysis: 1.3Discuss what information you believe would be useful to the following groups of report users: a)employees b)investors c)regulators d)suppliers of goods and services e)customers. 1.5You own and run a small supermarket. What accounting information do you need, and how often? 1.7It was pointed out that accounting information is only a part of the input to the decision-making process. In order to expand your understanding of the role of accounting information, for the situation outlined below, identify: a)the accounting information that would be relevant b)any other information that would be relevant. Head & Co. is in the business of making navigation equipment and wishes to diversify into the production of hang-gliders. The business is based in Sydney but the owners may be willing to move. The owners have little knowledge about the market for hang-gliders, but feel that there is money to be made in that field. 1.10'Looking at an organisation's financial statements is like looking in the rear view mirror when driving a car.' Discuss this statement and explain why such a statement would be made. Do you agree?